By DAYO ADESULU
Cost of Diesel Drops to N1,020/Litre, Providing Relief to Manufacturers and Consumers Amidst Economic Challenges
In a strategic move to enhance customer service and support Nigerians, Dangote Petroleum Refinery & Petrochemicals has announced a significant reduction in its diesel prices, bringing it down to N1,020 per litre from N1,075 at the gantry price. This marks the third price cut since the refinery commenced diesel production in January 2024, having initially launched at N1,700 per litre, offering much-needed relief for both manufacturers and consumers. #DieselPriceReduction #DangoteRefinery
The latest N55 per litre decrease follows insights from Development Economist and Public Policy Analyst, Prof. Ken Ife, highlighting the refinery’s commitment to ensuring consistent petrol pricing nationwide, at a cost of over N10 billion during the holiday season. He commended Dangote’s efforts in establishing a new standard in Nigeria’s energy sector, unlocking significant export revenue opportunities. #EnergySector #EconomicRelief
On Arise TV, Prof. Ife elaborated on the refinery’s transformative impact, noting that the equalization fund—a mechanism for managing petroleum price differentials and distribution costs—currently owes marketers over N80 billion. “The burden of subsidies has shifted from the public sector to private entities, highlighting the critical role of the equalization fund,” he explained. #PetroleumPricing #EconomicInsights
He also pointed out that during the festive season, Nigeria often faces fuel shortages and price hikes. In response, the Dangote Group absorbed these costs, effectively subsidizing consumers to maintain stable prices. “By doing so, they demonstrated a commitment to the Nigerian people,” he added. #FuelStability #ConsumerSupport
Prof. Ife emphasized the refinery’s role in diversifying Nigeria’s petroleum exports beyond Premium Motor Spirit (PMS). With global giants like BP and Saudi Aramco purchasing products from Nigeria, the country is rapidly emerging as a formidable player in the international petroleum market. He expressed optimism about Nigeria’s journey toward self-sufficiency in petroleum products, while simultaneously establishing itself as an energy export leader. #NigeriaEnergy, #GlobalMarket,
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